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Saturday, November 28 - 2009

Sakana strikes agreement with Al Saraya

The signing of a preferred Islamic mortgage provider agreement between Sakana Holistic Housing Solutions and Al Saraya properties is set to further accelerate sales in the highly popular Amwaj Islands development by offering property buyers ready access to mortgage advice and finance.

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  • Mr. Yasser Al Sharrah, General Manager of Al Saraya Properties Co. WLL and Mr. R. Lakshmanan, CEO of Sakana.
    Mr. Yasser Al Sharrah, General Manager of Al Saraya Properties Co. WLL and Mr. R. Lakshmanan, CEO of Sakana.
The deal will build on the developer's strong sales record to date across its wide property portfolio enabling more buyers to enter the market by taking advantage of Sakana's financial expertise and innovative range of mortgage products

Under the agreement, Sakana will provide convenient and rapid finance approval for the steady stream of potential buyers interested in one of many developments under the Al Saraya umbrella including the recently completed Al Marsa Floating City in Amwaj Islands. In addition, by offering a number of innovative mortgage options - including up to 90% financing over a maximum 30-year repayment term - Sakana will enable buyers to capitalize on purchasing power.

Mr. R. Lakshmanan, CEO of Sakana, said:

"Sakana is forging strategic partnerships with property developers such as Al Saraya as a means of facilitating the home buying process. This demonstrates our overriding emphasis on simplicity in processes and product offerings. We have also opened up the property market to previously excluded groups by offering mortgages to Bahraini nationals, expatriate residents, GCC residents and international buyers."


Mr. Yasser Al Sharrah, General Manager of Al Saraya Properties Co. WLL, said: "Our success in Al Marsa Floating City has been followed by strong demand for our other projects in Amwaj - Saraya Al Bahar, Meena 7, Palm Beach, and the Dragon - as well as in Sanad and Saar. Buyers will have an added incentive to purchase our properties if a ready path to mortgage finance is available so we are confident that our partnership with a respected financial provider such as Sakana will further enhance our sales."

Sakana has branches in Manama and Budaiya where customer advisors are available for consultation.
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Notes and media contacts

For more information on mortgage finance, call Sakana on 17 20 19 20. For more information on Al Saraya Properties, call 17 82 51 81 or visit www.alsarayabahrain.com.

About Sakana Holistic Housing Solutions
Sakana Holistic Housing Solutions BSC © extends a unique range of Sharia'a-compliant products and services that enable and ease the process of home ownership in the Kingdom of Bahrain. The company offers a unique mortgage financing model as well as access to a network of partners offering housing-related services such as architects and real estate companies.

Underpinned by values of spirituality, Sakana works in partnership with its customers and its value networks to create quality and innovative housing solutions that are customized to address specific and market needs.

Sakana is a 50:50 joint venture between BBK (formerly Bank of Bahrain and Kuwait) and Shamil Bank. The Board of Sakana Holistic Housing Solutions comprises five members with two representatives each from Shamil Bank and BBK and one independent director.

About Al Saraya Properties
Al Saraya Properties W.L.L is a Bahrain-based property developer specializing in land acquisition, development and sale across the GCC, United Kingdom, and United States of America.

The last nine years has seen Al Saraya become a fully-fledged construction company with a footstep in design and building whose houses capture both past and present in a combination of aesthetic Islamic architecture and modern convenience.

Al Saraya understands that owning a home or land is the ultimate dream for most people and is fully committed to making this dream a reality.

Issued on behalf of Sakana by Hill & Knowlton.

For press information contact:
Fiona Clark
Hill & Knowlton
Tel: +973 17 53 35 32
Fax: +973 17 53 33 70

Haya Khalil
Sakana Holistic Housing Solutions BSC ©
Tel: +973 17 20 19 37
Fax: +973 17 21 46 63

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